The Securities and Exchange Commission (SEC) has warned Nigerians against investing with four companies, saying they are not registered to operate in the country’s capital market.
The organisations are My Share, UYJ Multitrade Limited, Promiseland Estates Limited, and Promiseland Building & Construction Limited, the SEC said in separate statements on Thursday.
The commission said its attention was drawn to the activities of Promiseland Estates Limited and Promiseland Building & Construction Limited, “which hold themselves out as Investment advisers/fund managers in the capital market and promote an illegal investment scheme called PRO-VEST”.
The regulator also said My Share is operating under the name, ‘UYJ Multitrade Limited’, holding “itself out as an investment adviser/fund manager in the capital market”.
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The SEC, therefore, said the companies — My Share and UYJ Multitrade Limited — are not registered capital market operators.
“The Commission hereby notifies the investing public that Promiseland Estates Limited and Promiseland Building & Construction Limited are NOT REGISTERED to operate in any capacity in the Nigerian Capital Market,” SEC added.
The agency advised the public “to refrain from engaging” with the organisations or “any of their representatives in respect of any business/transaction pertaining or relating to an investment in the Nigerian capital market”.
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“The commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment,” the statements read.
The SEC reiterated its commitment to protecting investors in the Nigerian capital market, pledging to work diligently to curb scams and other fraudulent activities.
The regulator also encouraged investors to confirm the status of companies and entities offering investment opportunities on its dedicated portal — www.sec.gov.ng/cmos — before any transaction.
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